EURUSD is holding within 1.07/1.08 range ahead of ECB

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro is firmer on Thursday and holding around 1.0770 after 1.0700 support zone contained pullback.
Wednesday’s bullish close sidelined immediate downside risk, but price remains within 1.0700/1.0800 congestion ahead of ECB, due later today.
Near-term studies are bullishly aligned, while daily technicals are in mixed mode.
Break of initial 1.0700/1.0800 range is needed to signal near-term direction.
Above 1.0800 would attract 1.0900 zone (50% retracement of 1.1298/1.0504 fall/55SMA), possibly 1.1000 (Fibo 61.8%) in extension.
On the other side, loss of 1.0700 handle would weaken near-term structure and risk fresh weakness towards 1.0650/15 initially.
The ECB is expected to stay unchanged and extend QE program.

Res: 1.0795; 1.0807; 1.0849; 1.0900

Sup: 1.0747; 1.0700; 1.0649; 1.0615

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.0846
2. R2 1.0808
3. R1 1.0785
PP 1.0748
1. S1 1.0725
2. S2 1.0688
3. S3 1.0665

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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